About the programme
The programme aims to strengthen Jersey's position as a leading International Finance Centre (IFC). It seeks to improve the competitiveness of Jersey's FRPS sector by maintaining the existing base and by enhancing growth prospects over the next 10 years.
Jersey's financial and related professional services (FRPS) sector is a key growth engine of the Island's economy, it employs the largest number of Islanders and makes the biggest contribution to the tax revenues that fund our public services. Protecting and promoting our FRPS sector is therefore of vital importance.
The focus will be on government, industry and the regulator working together, supported by expert analysis, to produce clear and implementable recommendations and actions to optimise Jersey's regulatory and business environment, and to position the Island's FRPS sector for long-term growth.
The programme is a collaborative effort involving teams across Government of Jersey departments, including Revenue Jersey, Financial and Professional Services, Economy, External Relations; together with Jersey Finance; the Jersey Financial Services Commission (JFSC), Digital Jersey; and industry representatives.
A Ministerial Working Group, chaired by the Minister for External Relations, oversees the programme. The Chief Executive Officer is the Senior Responsible Officer for the programme, supported by a cross-government team of officials.
By engaging with a broad range of stakeholders on and off Island, the programme's actionable recommendations will help maintain and grow Jersey's valuable financial and related professional services sector as it competes in the market today, and to invest in the future growth of the industry. In turn, the programme should galvanise stakeholders on and off Island, with renewed confidence in the future, enhanced clarity on how to position for success, and stronger relationships at all levels between government, industry and regulator.
The outputs of this programme will determine future activities, to guide any future investment including funding allocated in the agreed 2025 to 2028 Budget to boost the productivity, digital capacity and skills of the financial services sector and the wider economy.
Jersey's position as an International Finance Centre (IFC)
Jersey has been a leading IFC for over 60 years, built on a foundation of political and economic stability, robust regulation, and proactive industry development.
With deep pools of talent from our expert financial services workforce, a robust and reliable legal framework, and attractive and stable tax environment, Jersey is at the forefront of banking, corporate services, funds, investment management and private wealth, plus the specialist areas of Islamic finance and philanthropy.
Today's financial and related professional services sector is the cornerstone of Jersey's economy, directly employing almost 14,000 people and accounting for 40% of economic activity. It plays a pivotal role in fostering economic prosperity, generating employment, and enhancing the quality of life for all Islanders.
Measuring Jersey's economy GDP and GVA
Keeping Jersey's financial services competitive
Jersey's FRPS sector operates in a highly competitive, global environment. Jersey has a long track record in being agile and able to adapt to new trends and innovations in products and services. All financial centres must continuously invest in the future to remain competitive. Recent global shifts, including:
- economic changes
- the evolving tax policy landscape
- regulatory developments
- technological advancements
- Brexit
- post-pandemic recovery
This requires a refreshed strategy that demonstrates Jersey's commitment to increasing its competitive edge and creating an environment for new opportunities.
Key Objectives
- strengthen Jersey's position as a leading IFC
- provide insights to sustain and expand the industry
- improve collaboration between government, regulator, and industry
- implement clear, measurable actions for long-term success
Programme Overview
The programme is structured around 4 core workstreams:
International Tax Strategy
| Led by Revenue Jersey, this workstream focuses on a forward-looking tax strategy to maintain and strengthen Jersey's position as a leading IFC.
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Business and regulatory environment
| Aimed at delivering quick impact, on-island improvements to the business and regulatory environment, jointly led by Government of Jersey Financial and Professional Services Directorate and the JFSC. The primary output will be a focussed list of priority actions which can be implemented within the next 12 months to improve the regulatory environment and ease of doing business in Jersey. It will also identify medium and longer term deliverables to support the wider strategy for the FRPS sector.
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External Growth Strategy
| A global review combining market intelligence of current and future value pools, plus comparative and gap analysis of Jersey and key competitor jurisdictions. This will produce insights and analysis leading to targeted recommendations for how Jersey can invest resources to sustain and enhance its FRPS sector over the next 10 years.
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Future Competitiveness and Regulation
| The final element brings together insights from the above workstreams, work undertaken by Jersey Finance and the JFSC, and analysis from the Fiscal Policy Panel. It is envisaged that an independent panel of global experts will deliver a report to Ministers with the Government of Jersey publishing agreed and actionable recommendations in spring 2026.
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The programme is closely linked with complementary activity being undertaken by Jersey Finance (Vision2050) and the JFSC (registry review and strategic review). Appendix A provides more information on the work Jersey Finance and the JFSC are undertaking in 2025. Representatives from Jersey Finance and the JFSC are an integral part of the Competitiveness Programme Team and will ensure alignment.
Programme updates
Industry workshops with industry representatives under workstream 2 have already begun. Initial feedback from industry has been very positive with an initial report expected by early summer. Activity under workstream 3 will begin imminently.
Communications and engagement
A series of stakeholder engagements are planned to facilitate transparent communication and foster informed discussions. These engagements will take place through various platforms, including:
- industry events to provide insights and updates
- regular updates at the Financial Services Advisory Board (FSAB) meetings
- ministerial speeches highlighting key developments and strategic direction
Dedicated briefings for States Members and private Scrutiny briefings will also be scheduled to ensure policymakers are kept informed.
The programme team welcomes any engagement from stakeholders, contact growthfs@gov.je.
Related work undertaken by Jersey Finance and Jersey Financial Services Commission
Jersey Finance
Vision2050
Jersey Finance, through its Vision2050 workstream, is working closely with industry leaders and stakeholders to drive key priorities that will ensure the continued success of Jersey as a thriving International Finance Centre. Focused on talent development, innovation in our toolkit, leveraging technology, and enhancing collaboration, these efforts are crucial to ensuring a thriving and sustainable financial services ecosystem.
- Talent : become a talent magnet : Jersey will be a talent magnet attracting from outside and within skilled future generations essential for its success as a global finance hub. We will put people at the heart of our strategy; retain, attract and close gaps. Where the next generation choose to live, work and thrive
- Toolkit: keep proposition fresh and relevant: Jersey will deliver products and services that address market and societal needs, keeping the proposition fresh and relevant. This will include evolving current regulation and legislation and innovating in new areas
- Technology: leverage tech as a force multiplier: Jersey will have a technology enabled global finance industry, utilising best in class digital infrastructure to deliver exceptional client service in a safe and secure way. We will embrace technology to create ideas that reduce the cost of doing business, increase process efficiency and workforce capacity
- Together: inspire Jersey to embrace its finance industry: Jersey's reputation will be unquestioned by those we want as clients and users of our industry, as well as our home community who will feel proud of Jersey's status as a global IFC and appreciate its benefits in the local economy.
Jersey Financial Services Commission (JFSC)
Registry Strategic Review
On 17 March 2025, the JFSC appointed an independent third party to conduct a strategic review of Registry. This review is a strategic priority and considers the effectiveness of the JFSC's current approach to Registry's operational procedures and the longer term scope of the Registry function to ensure it is future ready regarding technology, innovation and integration. The JFSC commenced its strategic review with stakeholder engagement, including relevant trade bodies. The independent third party report will be considered by the Board of Commissioners in late June 2025.
JFSC Strategic Review
With the JFSC approaching the end of its current strategy period, work has commenced on the development of a new strategy for 2026+. The JFSC is aligned with Jersey's growth and competitiveness aims and ambitions, working closely with the Government of Jersey and other key stakeholders. A draft JFSC 2026+ strategy will be considered by the Board of Commissioners in late June 2025.
gov.je